What Ratio Therapeutics does

Ratio Therapeutics is a clinical-stage pharmaceutical company founded in 2021 and headquartered in Boston, Massachusetts, focused on developing targeted radiopharmaceuticals for solid tumors. The company operates a platform-plus-pipeline architecture anchored by two proprietary technologies: the Trillium™ targeting scaffold, which uses mathematical modeling for pharmacokinetic modulation to improve tumor delivery and reduce off-target effects, and the Macropa™ chelator, a best-in-class Actinium-225 chelator enabling rapid room-temperature labeling and improved in vivo stability. Layered on this platform are individual candidates including the lead therapeutic [Ac-225]RTX-2358 (FAP-targeted, currently in the Phase 1/2 ATLAS trial with first cohort dosed December 2025), its companion diagnostic [Cu-64]-LNTH-1363S, a pre-clinical [Lu-177]RTX-2358 variant, an in-licensed Granzyme B PET imaging agent from Merck, and an SSTR2 radiotherapeutic out-licensed to Novartis.

The company operates a pre-commercial, partnership-driven business model. It monetizes its platform through out-licensing arrangements with major pharmaceutical companies, including a Novartis license for the SSTR2 candidate valued at up to $745 million in combined upfront and milestone payments plus tiered royalties, and fully funded development alliances with Bayer and Lantheus. Ratio also generates revenue (or will, in the case of Macropa) through exclusive distribution partnerships such as Macrocyclics' worldwide manufacturing and distribution of Macropa for academic and industry researchers. Operational infrastructure spans a 19,000 sq ft Boston R&D headquarters (opened May 2023), a planned 65,000 sq ft manufacturing facility in Salt Lake City (operational H2 2027), and an ecosystem of CDMO partners (PharmaLogic, Eckert & Ziegler) and isotope suppliers (Nusano, TerraPower Isotopes, Niowave). Total cumulative venture financing exceeds $90 million across seed, Series A, and Series B rounds since 2022, with strategic investor Bristol Myers Squibb participating in the Series B.

Name

Ratio Therapeutics

Legal name

Ratio Therapeutics Inc.

Website

https://ratiotx.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Ratio Therapeutics is a Boston-based clinical-stage pharmaceutical company developing targeted radiopharmaceuticals for solid tumors using proprietary Trillium™ pharmacokinetic modulation and Macropa™ Actinium-225 chelator platforms, monetizing via out-licensing deals with Novartis, Bayer, Lantheus, and Merck.

Ownership category

akta.pro rank

Product category

Targeted Radiopharmaceuticals (Oncology)

NAICS

Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Therapeutic Radiopharmaceuticals (Radioligand/Targeted Radionuclide Therapy) (HLAIAGAB)

akta.pro secondary industry

Theranostic Radiopharmaceutical Platforms (Paired Dx/Tx) (HLAIAGAC)

Keywords

• Targeted radiopharmaceuticals
• Cancer radioligand therapy
• Actinium-225 chelators
• Theranostic imaging agents
• FAP-targeted therapeutics

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Licensing and collaboration milestone payments: Receives upfront and potential milestone payments under exclusive worldwide license and collaboration agreements (e.g., Novartis SSTR2 deal up to $745M combined upfront + milestones, plus tiered royalty payments). Pre-revenue clinical-stage company monetizing proprietary platform via out-licensing.
2. Equity financing (venture capital): Multiple funding rounds (seed $20M+ in 2022, Series A $20M in Feb 2023, Series B $50M in Jan 2024) for total raised of over $90M since 2021 launch. Led by Schusterman, Duquesne Capital with participation from PagsGroup, Bristol Myers Squibb, and Cornell CTL.
3. Co-funded development alliances with pharmaceutical partners: Fully funded development alliances with Bayer, Lantheus, and Merck for first-in-human trials (e.g., Lantheus collaboration for Cu-64-LNTH-1363S Phase I; Bayer for radiopharmaceutical development; Merck licensing of Granzyme B imaging agent).
4. Chelator platform licensing (Macropa): Exclusive manufacturing and distribution rights granted to Macrocyclics Inc. (subsidiary of Orano Med) for Ratio's proprietary Macropa chelator, enabling researchers from academia and industry to purchase Macropa in Japan, Canada, Australia, and most of Europe.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels9 records

Core offering

Ratio Therapeutics is a clinical-stage pharmaceutical company developing best-in-class targeted radiopharmaceuticals for cancer treatment. Its portfolio is built on two proprietary platforms—Trillium™, a pharmacokinetic modulation targeting scaffold, and Macropa™, a proprietary chelator for Actinium-225 (Ac-225)—and includes the lead FAP-targeted alpha-therapy candidate [Ac-225]RTX-2358 (in the Phase 1/2 ATLAS trial), the companion Cu-64 PET imaging diagnostic [Cu-64]-LNTH-1363S, an in-licensed Granzyme B PET imaging agent, and an SSTR2 radiotherapeutic candidate out-licensed to Novartis. The company monetizes this pipeline primarily through licensing and co-development partnerships with major pharmaceutical companies.

Product overview

Ratio Therapeutics operates a platform-plus-pipeline architecture rather than a single unified product. The core engine is the Trillium™ proprietary pharmacokinetic modulation platform, which uses mathematical modeling to engineer tumor-targeted radiopharmaceuticals with optimized uptake and clearance. Underpinning the therapeutic side of the platform is Macropa™, Ratio's proprietary Actinium-225 chelator manufactured exclusively with Macrocyclics. Layered on top of Trillium™ are individual product candidates: the lead therapeutic [Ac-225]RTX-2358 (FAP-targeted, currently in the ATLAS Phase 1/2 trial), its companion PET diagnostic [Cu-64]-LNTH-1363S, the pre-clinical beta-emitting variant [Lu-177]RTX-2358, the in-licensed Granzyme B-targeted PET imaging agent from Merck, and the SSTR2 radiotherapeutic candidate out-licensed to Novartis. Together, Trillium™ functions as the platform layer, Macropa™ as the enabling chemistry layer, and the named candidates as the module-level pipeline assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Trillium™ targeting scaffold platform A proprietary platform technology (not a standalone sellable offering) that incorporates a tunable structural motif enabling compounds to reversibly bind to albumin, thereby modulating pharmacokinetics and improving drug availability, tumor delivery, and tumor loading while reducing side effects. The Trillium scaffold can be applied to any antigen-specific target and is the foundation for Ratio's therapeutic and diagnostic candidates.
• Macropa™ chelator A proprietary best-in-class bifunctional chelator for Actinium-225 (Ac-225), enabling rapid and quantitative complexing at room temperature (one-pot manufacturing) with improved in vivo stability. Compatible with small molecules, peptides, and large polypeptides (including antibodies). Sold/distributed via Macrocyclics to academic and industry radiopharmaceutical researchers.
• [Ac-225]RTX-2358 (FAP-targeted alpha-therapy) Lead therapeutic candidate — an Actinium-225-labeled, fibroblast activation protein (FAP)-targeted therapeutic radiopharmaceutical built on the Trillium™ platform using the Macropa™ chelator. Currently being evaluated in the Phase 1/2 ATLAS clinical trial for patients with relapsed or refractory soft tissue sarcoma, with development for additional FAP-expressing tumors.
• [Cu-64]-LNTH-1363S (FAP-targeted PET imaging diagnostic) Copper-64-labeled FAP-targeted PET imaging agent (formerly designated RTX-1363S) designed as the diagnostic companion to Ratio's FAP-targeted therapeutic program. Used for patient selection and treatment planning in the radioligand therapy workflow, particularly for FAP-expressing tumors.
• Granzyme B-targeted PET imaging agent Granzyme B-targeted PET imaging agent in-licensed from Merck (March 2023), expanding Ratio's radiodiagnostic imaging pipeline and complementing the Trillium™ therapeutic platform with an apoptosis-activity imaging biomarker for monitoring immune cell activation in inflammatory, autoimmune disease, cancer, and infection indications.
• SSTR2 radiotherapeutic candidate Somatostatin receptor 2 (SSTR2)-targeted radiotherapeutic candidate out-licensed to Novartis (November 2024), applying the Trillium™ pharmacokinetic modulation platform to the validated SSTR2 oncology target. Novartis assumes remaining development, manufacturing, and commercialization under the exclusive worldwide license and collaboration agreement.

Quantifiable outcome

• Up to $745M in combined upfront and milestone payments plus tiered royalties from Novartis license (Nov 2024)
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core supply partner, core chelator distribution partner, core facility partner, flagship / top-tier, flagship / core manufacturing partner, flagship / top-tier clinical partner, flagship / tier-1 pharma partner and minor / early-stage contract manufacturer.

• Niowave, Inc.core supply partnerStrategic or Co-development Partner · 16 June 2026Supply agreement for cGMP Actinium-225 (signed June 2026). Niowave supplies the radioisotope to support Ratio's development of targeted radiotherapeutics for cancer treatment, providing reliable domestic sourcing for ongoing clinical trials and future program advancement.
• TerraPower Isotopescore supply partnerStrategic or Co-development Partner · 20 June 2025Supply agreement (Jun 20, 2025) for non-cGMP Actinium-225 (Ac-225) for use in developing Ratio's radiopharmaceuticals. Strengthens ability to scale production and advance Trillium/Macropa platforms for targeted alpha therapies.
• Nusanocore supply partnerStrategic or Co-development Partner · 17 June 2025Long-term multi-isotope supply agreement (Jun 17, 2025) providing commercial-scale access to copper-64 (Cu-64) for PET imaging diagnostics, lutetium-177 (Lu-177) and actinium-225 (Ac-225) for therapeutic applications. Proximity of Nusano's West Valley City, Utah operations to Ratio's planned manufacturing facility streamlines logistics.
• Macrocyclics Inc. (Orano Med subsidiary)core chelator distribution partnerOEM/ Whitelabel/ Licensing Partner · 13 June 2025Exclusive manufacturing and distribution rights granted (Jun 13, 2025) to Ratio's proprietary Macropa chelator worldwide. Macrocyclics is a CDMO specializing in chelating agents for radiopharmaceuticals, founded 1995, based in Plano, Texas. Researchers from academia and industry can purchase Macropa directly in Japan, Canada, Australia, and majority of Europe.
• Wasatch Group (MIT Management division)core facility partnerStrategic or Co-development Partner · 8 May 2025Agreement with Medical Innovation Technology Management (MIT) division of Wasatch Group to construct a 65,000 sq ft state-of-the-art radiopharmaceutical research and manufacturing facility in Salt Lake City, Utah. First tenant in Wasatch's Medical Innovation Technology Research Campus. Facility anticipated fully operational H2 2027.
• Novartis Pharma AGflagship / top-tierStrategic or Co-development Partner · 18 November 2024Exclusive worldwide license and collaboration agreement for the development of a Somatostatin Receptor 2 (SSTR2) radiotherapeutic candidate for cancer. Ratio will collaborate with Novartis to drive preclinical activities to research and select an SSTR2-targeting development candidate. Novartis assumes responsibility for all remaining development, manufacturing, and commercialization. Deal valued at up to $745M in combined upfront and milestone payments, plus tiered royalties. Chestnut Partners served as exclusive financial advisor to Ratio.
• PharmaLogic Holdings Corp.flagship / core manufacturing partnerImplementation/ SI/ Consulting Partner · 12 March 2024Contract development and manufacturing organization (CDMO) partner for radiopharmaceuticals. Multiple expansions: March 2024 (manufacturing agreement for FAP-targeted radiopharmaceuticals), Dec 2025 (successful supply of first ATLAS trial cohort at Bronx facility), May 2026 (expanded to Idaho Falls facility for larger multi-dose batch manufacturing of [Ac-225]RTX-2358 to support later-stage and registrational trials).
• Lantheusflagship / top-tier clinical partnerStrategic or Co-development Partner · 11 July 2023Collaboration partner for FAP-targeted radiopharmaceuticals — provided Cu-64-LNTH-1363S for Phase I PET imaging study in epithelial-derived cancers (initiated dosing July 2023) and supplied [Cu-64]-LNTH-1363S for ATLAS trial. Co-developing companion diagnostic for Ratio's FAP-targeted therapeutic. Partnership since Ratio's 2022 launch.
• Merck (MSD outside U.S./Canada)flagship / tier-1 pharma partnerStrategic or Co-development Partner · 28 March 2023Licensing agreement (Mar 28, 2023) — Merck provided Ratio with several candidates and supporting preclinical/CMC data of Granzyme B-targeted agent for PET imaging applications. Ratio responsible for clinical development and building GMP production network across North America, Western Europe, Japan, Australia. Granzyme B agent expected to move into clinic in 2026.
• Eckert & Zieglerminor / early-stage contract manufacturerImplementation/ SI/ Consulting Partner · 6 July 2022Contract manufacturer agreement (Jul 6, 2022) for joint development and manufacture of innovative radiopharmaceutical products based on Lutetium-177 and Actinium-225. Covers development of validated manufacturing process and GMP-compliant production of clinical investigational candidates.
• Bayerflagship / tier-1 pharma partnerStrategic or Co-development Partner · 10 June 2022Fully funded development alliance (since June 2022 launch) for radiopharmaceutical development. Ratio's Trillium platform reportedly 'caught the eye of Bayer' for enhancing radioligand pharmacokinetics and bioavailability while reducing side effects.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Telix Pharmaceuticals: Listed once above as the closest direct peer; included a second time is an error and should be deduplicated.
• Lantheus Holdings: Established radiopharmaceutical company with commercial diagnostic products (Pylarify, Definity) and an emerging therapeutic pipeline. Directly comparable as Ratio's clinical partner on Cu-64-LNTH-1363S and as a fellow FAP/SSTR2-area radioligand developer.
• Telix Pharmaceuticals: Clinical/commercial radiopharmaceutical company developing targeted diagnostic and therapeutic agents for oncology (e.g., Illuccix for PSMA imaging, TLX591/TLX250 pipelines). Directly comparable as a theranostics platform player with overlapping alpha/beta emitter programs; Ratio's newly appointed CMO Colin Hayward joined from Telix.

Emerging players

• Abdera Therapeutics: Pre-clinical radiopharmaceutical company engineering targeted alpha and beta therapies for cancer. Comparable as an early-stage radiopharma peer featured alongside Ratio and Perspective in industry pre-clinical RLT cohorts.
• Perspective Therapeutics: Clinical-stage radiopharma developing targeted alpha and beta therapies (Pb-212, Lu-177) for solid tumors. Comparable as a pre-commercial emerging peer featured alongside Ratio at JPM/Sachs Oncology, sharing a focus on solid-tumor alpha-emitter approaches.

Others

• PharmaLogic Holdings: Radiopharmaceutical CDMO manufacturing Ratio's clinical supply (including first ATLAS cohort at its Bronx facility, expanded to Idaho Falls). Comparable as a key infrastructure partner and as a fellow radiopharma ecosystem enabler.
• Eckert & Ziegler: Specialist isotope and contract manufacturer for radiopharmaceuticals (Lu-177, Ac-225) with GMP production. Comparable as a manufacturing and isotope supply partner to Ratio and as a fellow radiopharma infrastructure provider.

Broad incumbents

• Point Biopharma (Lilly): Radiopharmaceutical developer acquired by Eli Lilly in 2023; focused on next-generation alpha and beta-emitting RLTs for solid tumors. Comparable as a well-capitalized, solid-tumor-focused radiopharma platform now backed by a top-5 pharma.
• Novartis (Radioligand Therapy / Pluvicto & Lutathera): Global pharma that built the radioligand therapy category via Pluvicto and Lutathera (acquired with Advanced Accelerator Applications). Directly comparable as a major incumbent pursuing SSTR2 and solid-tumor RLTs; also Ratio's $745M SSTR2 licensee.
• Bayer (Radiopharmaceuticals): Diversified life sciences incumbent with an active radiopharmaceuticals strategy (including Nubeqa/Albira, Curium/PMB acquisitions). Comparable as a large-pharma platform player with funded alliance history against Ratio's Trillium platform since 2022.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Ratio_Tx
• LinkedInlinkedin.com/company/ratio-therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds4 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ratio Therapeutics